Why the Odds Are So Great Against RIM and Nokia

The once-moribund stocks have new products on the way and a new lease on life, but their investors are taking a big gamble.

Shares of Research In Motion (ticker: RIMM) and Nokia (NOK), which had been down 37% and 43% for the year, respectively, until last week, surged by 27% and 29% during the abbreviated four-day holiday session ending Friday.

In the case of RIM and Nokia, both had been pretty much left for dead this...